Bitcoin drops to $26K as the result of Binance whales selloff

On May 12, 2023

Quick Take

In aggregate, $120 million worth of Bitcoin was dumped onto the market yesterday.
Mainly from Binance whales — where most of the selling pressure came from.
In the grand scheme of things, this is not a lot of sell pressure but the issues stem from an illiquid market — price is susceptible to aggressive moves.
The move down earlier this week resulted from an 8% drop in open interest, resulting in a liquidation cascade.